Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The real estate sector has shown significant excess returns compared to the CSI 300 index, driven by increased policy expectations aimed at expanding domestic demand in response to external environmental changes. Although new home transaction volumes have slightly declined in recent weeks and second-hand home listing prices continue to fall, historical trends suggest that the real estate sector typically rebounds before the fundamentals stabilize. With strong expectations for new policies before the end of April, the real estate sector is likely to continue achieving excess returns [4][5]. Summary by Relevant Sections 1. Industry Fundamentals Tracking - **New Home Transactions and Inventory**: Last week, the new home transaction area in 30 major cities was 149.44 million square meters, with a cumulative year-to-date transaction area of 2,966.57 million square meters, reflecting a year-on-year increase of 4.2%. The average transaction area over the past four weeks was 209.67 million square meters, down 4.7% year-on-year and down 10.4% month-on-month. In first-tier cities, the average transaction area was 68.64 million square meters, down 8.9% year-on-year and down 11.1% month-on-month [5][13]. - **Second-Hand Home Transactions and Listings**: Last week, the transaction area of second-hand homes in 12 key cities was 201.6 million square meters, with a cumulative year-to-date transaction area of 2,964.5 million square meters, reflecting a year-on-year increase of 35.6%. The average transaction area over the past four weeks was 203.45 million square meters, up 15.9% year-on-year but down 7.3% month-on-month [6][19]. - **Land Market Transactions**: Last week, 100 major cities saw 42 new residential land supplies and 30 transactions. The average floor price for residential land was 6,127.25 yuan per square meter, with a premium rate of 13.76%, down 2.47 percentage points month-on-month [22]. 2. Market Review - Last week, the A-share real estate index rose by 3.4%, outperforming the CSI 300 index, which rose by 0.59%, by 2.81 percentage points. The Hong Kong Hang Seng Property Services and Management Index rose by 0.36%, while the Hang Seng Composite Index rose by 2.21%, indicating that the property services and management index underperformed the composite index by 1.85 percentage points [25][27].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 1.56 billion yuan for 2024, representing a year-over-year growth of 13.4%, with a net profit of 161 million yuan, up 14.1% year-over-year. The fourth quarter of 2024 saw a significant revenue increase of 39% year-over-year [4][5]. - The company's online sales are driven by a major product, with e-commerce revenue growing by 52% year-over-year, indicating strong growth potential for 2025 [5]. - The gross profit margin for 2024 was 49.4%, an increase of 5.3 percentage points year-over-year, reflecting improved profitability [6]. - The company is expected to continue expanding its market share in oral care and beauty, with projected net profits of 200 million yuan, 252 million yuan, and 317 million yuan for 2025, 2026, and 2027 respectively [7][10]. Financial Summary - The latest closing price of the company's stock is 44.68 yuan, with a total market capitalization of 7.7 billion yuan [3]. - The company’s earnings per share (EPS) for 2024 is projected at 0.94 yuan, with a price-to-earnings (P/E) ratio of 47.73 [10][13]. - The company’s revenue is expected to grow to 1.89 billion yuan in 2025, with a growth rate of 21.3% [10][11].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The real estate sector has shown significant excess returns compared to the CSI 300 index, driven by increased policy expectations aimed at boosting domestic demand amid external environmental changes. Although new home transaction volumes have slightly declined in recent weeks and second-hand home listing prices continue to fall, historical trends suggest that the real estate sector typically rebounds before the fundamentals stabilize. With strong expectations for new policies by the end of April, the sector is likely to continue achieving excess returns [4] Industry Fundamentals Tracking New Home Transactions and Inventory - Last week, the new home transaction area in 30 major cities was 149.44 million square meters, with a cumulative year-to-date transaction area of 2,966.57 million square meters, reflecting a year-on-year increase of 4.2%. The average transaction area over the past four weeks was 209.67 million square meters, down 4.7% year-on-year and down 10.4% month-on-month. In first-tier cities, the average transaction area was 68.64 million square meters, down 8.9% year-on-year and down 11.1% month-on-month. In second-tier cities, the average was 92.78 million square meters, down 10.6% year-on-year and down 9.7% month-on-month. In third-tier cities, the average was 48.25 million square meters, up 18.2% year-on-year and down 10.7% month-on-month [5][13] Second-Hand Home Transactions and Listings - Last week, the transaction area of second-hand homes in 12 key cities was 201.6 million square meters, with a cumulative year-to-date transaction area of 2,964.5 million square meters, reflecting a year-on-year increase of 35.6%. The average transaction area over the past four weeks was 203.45 million square meters, up 15.9% year-on-year and down 7.3% month-on-month. As of April 13, 2025, the national second-hand home listing index was 19.12, down 8.3% month-on-month, and the listing price index was 155.64, down 0.12% month-on-month [6][19][21] Land Market Transactions - Last week, 100 major cities saw 42 new residential land supplies and 30 land transactions. The average transaction volume to supply ratio for residential land over the past four weeks was 0.77, while for commercial land it was 0.78. The average floor price for residential land was 6,127.25 yuan per square meter, with a premium rate of 13.76%, down 2.47 percentage points month-on-month. The average floor price for commercial land was 1,747.75 yuan per square meter, with a premium rate of 1.26%, up 0.3 percentage points month-on-month [22] Market Review - Last week, the A-share real estate index rose by 3.4%, while the CSI 300 index increased by 0.59%, resulting in a 2.81 percentage point outperformance of the real estate index over the CSI 300 index. In the Hong Kong market, the Hang Seng Property Services and Management Index rose by 0.36%, while the Hang Seng Composite Index increased by 2.21%, indicating that the property services and management index underperformed the composite index by 1.85 percentage points [25][27]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [2][14]. Core Insights - The company reported a revenue of 1.56 billion yuan for 2024, representing a year-over-year growth of 13.4%, with a net profit of 161 million yuan, up 14.1% year-over-year [4]. - The fourth quarter of 2024 saw a significant revenue increase of 39% year-over-year, reaching 507 million yuan, with a net profit of 43 million yuan, up 28.6% year-over-year [4]. - The first quarter of 2025 continued this trend with a revenue of 430 million yuan, a 19.4% increase year-over-year, and a net profit of 43 million yuan, up 15.6% year-over-year [4]. Revenue Breakdown - In 2024, the company's revenue from different channels was as follows: distribution model 1.03 billion yuan (+3.7% YoY), direct supply model 40 million yuan (-24.0% YoY), and e-commerce model 480 million yuan (+52.0% YoY) [5]. - The revenue from various product categories in 2024 included: adult toothpaste 1.25 billion yuan (+16.1% YoY), adult toothbrush 160 million yuan (+3.3% YoY), children's toothpaste 70 million yuan (-0.5% YoY), children's toothbrush 30 million yuan (-5.1% YoY), electric toothbrush 10 million yuan (-14.3% YoY), and oral medical and beauty care products 40 million yuan (+35.5% YoY) [5]. Profitability Analysis - The company's gross margin for 2024 was 49.4%, an increase of 5.3 percentage points year-over-year, while the net profit margin was 10.3%, showing a slight improvement [6]. - In the first quarter of 2025, the gross margin rose to 55.5%, a year-over-year increase of 7.1 percentage points, while the net profit margin slightly decreased to 10.0% due to fluctuations in fair value changes [6]. Financial Forecast and Investment Recommendations - The company is expected to see steady growth in its core oral care market, with projected net profits of 200 million yuan, 250 million yuan, and 320 million yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 39x, 31x, and 24x [7]. - The report highlights the company's strong cash flow and high dividend payout ratio, which are expected to enhance its valuation premium [7]. Financial Metrics - The projected revenue for the company is expected to grow from 1.56 billion yuan in 2024 to 2.78 billion yuan in 2027, with a compound annual growth rate of approximately 20.87% [10]. - The earnings per share (EPS) is forecasted to increase from 0.94 yuan in 2024 to 1.84 yuan in 2027 [10].

研究所 证券研究报告：国防军工 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|维持 个股表现 -21% -15% -9% -3% 3% 9% 15% 21% 27% 33% 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 国科军工 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 53.50 | | --- | --- | | 总股本/流通股本（亿股）1.76 / 0.97 | | | 总市值/流通市值（亿元）94 / 52 | | | 52 周内最高/最低价 | 59.16 / 35.09 | | 资产负债率(%) | 27.3% | | 市盈率 | 46.93 | | 第一大股东 | 江西省军工控股集团有 | | 限公司 | | 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 国科军工(688543) 弹药业务稳定增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - In 2024, the company achieved operating revenue of 1.204 billion yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 199 million yuan, up 41% year-on-year [5][6]. - The ammunition business has shown stable growth, while the solid rocket engine segment has experienced rapid expansion, contributing to a 17% increase in military product revenue [6][7]. - The company is advancing in the ammunition sector, particularly in medium-caliber and rocket ammunition, and has made significant progress in military trade [6][7]. - The solid rocket engine segment saw substantial growth, with a subsidiary achieving revenue of 376 million yuan, a 72% increase, and a net profit of 112 million yuan, up 90% [7]. - A stock incentive plan was completed in December 2024, with performance targets set for 2025-2027, aiming for a compound annual growth rate of no less than 15% [7]. - Forecasts for net profit attributable to shareholders for 2025-2027 are 247 million, 331 million, and 427 million yuan, representing year-on-year growth rates of 24%, 34%, and 29% respectively [7]. Financial Summary - For 2024, the company reported operating revenue of 1.204 billion yuan and a net profit of 199 million yuan [9]. - Projected operating revenues for 2025, 2026, and 2027 are 1.466 billion, 1.831 billion, and 2.255 billion yuan, with respective growth rates of 21.74%, 24.85%, and 23.17% [9][12]. - The projected net profit for 2025, 2026, and 2027 is 247 million, 331 million, and 427 million yuan, with growth rates of 24.16%, 34.09%, and 29.12% respectively [9][12]. - The company's price-to-earnings ratio (P/E) is projected to decrease from 47.30 in 2024 to 22.00 by 2027 [9][12].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Jiechuang Intelligent, focuses on smart security and smart city applications, leveraging IoT, cloud computing, big data, and AI technologies to create high-performance computing and intelligent solutions [4][5]. - In Q1 2025, the company reported a total revenue of 172 million yuan, a year-on-year increase of 5.45%, and a net profit attributable to the parent company of 14 million yuan, reflecting a significant growth of 911.82% [4]. - The company has faced challenges in 2024, transitioning from profit to loss due to reduced investments in digital upgrades by government and large enterprises, leading to a cautious approach in project undertakings [4]. Company Overview - Latest closing price: 18.24 yuan - Total shares: 1.54 billion, circulating shares: 1.02 billion - Total market capitalization: 2.8 billion yuan, circulating market capitalization: 1.9 billion yuan - 52-week high/low: 23.57/11.03 yuan - Debt-to-asset ratio: 31.2% - Price-to-earnings ratio: 456.00 - Largest shareholder: Sun Chao [3]. Financial Projections - Expected EPS for 2025-2027: 0.85, 1.36, 1.77 yuan, with corresponding P/E ratios of 24.21, 15.13, and 11.58 [10]. - Projected revenue growth rates for 2025-2027 are 65.44%, 36.13%, and 29.57% respectively, with a forecasted net profit of 130.45 million yuan in 2025 [12][15].

证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|首次覆盖 个股表现 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 杰创智能 计算机 资料来源：聚源，中邮证券研究所 常青云 AI 超融合一体机，赋能千行百业 公司在私有云业务方面，具有自主研发的"常青云"系列产 品，并已在多个行业有落地案例，1 月 17 日，公司又推出"常青云 AI 超融合一体机"，产品以约国际同类产品一半的建设成本，实现了 翻倍的性能，帮助客户降低用云门槛，拥抱 AI 时代下的数字化转 型。2 月 17 日，发布 DeepSeek 超融合一体柜，以"AI Infra 平台+ 超融合架构+全国产化兼容"为核心，为企业提供开箱即用、高效的 智能算力云基座。产品全栈国产化兼容，硬件层支持六大国产 CPU 芯片，以及昇腾、海光 DCU、摩尔线程、沐曦等国产 AI 芯片，单柜 最高可扩展至 40 卡集群。软件层内置常青云 AI 超融合平台、常青 云智算平台，适配麒麟 OS、统信 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [8][14]. Core Insights - The company achieved impressive financial results for the fiscal year 2024, with total revenue reaching 32.33 billion yuan, a year-on-year increase of 247.86%. The net profit attributable to shareholders was 294 million yuan, reflecting a staggering growth of 453.95% [4][8]. - The rapid expansion of the bulk snack business is a key driver of growth, with the number of stores increasing significantly. The company opened 9,776 new stores in 2024, ending the year with a total of 14,196 stores [5][6]. - The company is focusing on optimizing its supply chain and exploring new discount store formats to enhance its market position and profitability [6][8]. Financial Performance Summary - For the fourth quarter of 2024, the company reported total revenue of 11.72 billion yuan, a year-on-year increase of 166.68%, and a net profit of 209 million yuan, up 894.27% [4][5]. - The gross margin for 2024 was 10.76%, an increase of 1.46 percentage points year-on-year, driven by the higher contribution from the snack business and improved bargaining power in the supply chain [6][10]. - The company forecasts revenue growth to 52.57 billion yuan in 2025 and 63.52 billion yuan in 2026, with net profit projections of 676 million yuan and 851 million yuan respectively, indicating a growth rate of 130.19% for 2025 [8][10]. Store Expansion and Business Strategy - The company plans to continue its focus on the bulk snack business as a core growth driver, with ongoing store expansion and business model upgrades [6][8]. - The new store format "Come Save Supermarket" will enter a rapid replication phase in 2025, focusing on snacks while expanding essential product categories [6][8]. Dividend Distribution - The company announced a cash dividend of 4.00 yuan per 10 shares for the fiscal year 2024, totaling approximately 107.99 million yuan, which represents 36.79% of the net profit attributable to shareholders [7]. - The proposed mid-year dividend for 2025 is expected to be up to 50% of the corresponding period's net profit [7].

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Insights - The company achieved a revenue of 5.968 billion yuan in 2024, representing a year-on-year increase of 108.87%, with a net profit of 393 million yuan, up 2,662.76% year-on-year [5][6]. - In Q1 2025, the company reported a revenue of 1.750 billion yuan, also up 108.94% year-on-year, with a net profit of 191 million yuan, reflecting a year-on-year increase of 1,264.97% [5][6]. - The company focuses on three main sectors: smart security, smartphones, and automotive electronics, which have significantly contributed to its revenue growth and improved profit margins [6][10]. Company Overview - The latest closing price is 98.53 yuan, with a total market capitalization of 39.6 billion yuan and a circulating market value of 31.8 billion yuan [4]. - The company has a total share capital of 4.02 billion shares, with 3.23 billion shares in circulation [4]. - The company’s debt-to-asset ratio stands at 46.5%, and its price-to-earnings ratio is 100.54 [4]. Financial Performance - The company’s gross margin and net margin for 2024 were 21.09% and 6.58%, respectively, indicating improved profitability [6]. - The projected revenues for 2025, 2026, and 2027 are 8.249 billion yuan, 10.052 billion yuan, and 12.507 billion yuan, respectively, with corresponding net profits of 850 million yuan, 1.300 billion yuan, and 1.755 billion yuan [11][14]. - The company’s earnings per share (EPS) are expected to grow from 0.98 yuan in 2024 to 4.37 yuan by 2027 [14]. Market Position - In the smart security sector, the company generated 2.150 billion yuan in revenue in 2024, accounting for 36.03% of its main revenue, and maintained a leading position in the global security CIS market with a 48.2% market share [7]. - The smartphone business saw a revenue increase of 269.05% year-on-year, reaching 3.291 billion yuan in 2024, making up 55.15% of total revenue [8]. - The automotive electronics segment generated 527 million yuan in revenue, a year-on-year increase of 79.09%, representing 8.83% of total revenue [10].